BunkeringGreater China

China Merchants Energy Shipping takes full control of Singapore bunkering unit

China Merchants Energy Shipping (CMES) has approved a plan for the company to acquire 70% equity interest of its Singapore-based bunkering unit China Merchants Energy Trading (CMET) from another China Merchants affiliate China Merchants Hoi Tung Trading.

Following the completion of the deal, CMES will own 100% of CMET. 

The total value of the transaction is $16m, and CMES said the deal will enhance the company’s bunker fuel supply capability.

China Merchants set up CMET in Singapore in 2016 to tap into the international bunker market with an aim to supply 2m tonnes of bunker fuel per year.

Jason Jiang

Jason is one of the most prolific writers on the diverse China shipping & logistics industry and his access to the major maritime players with business in China has proved an invaluable source of exclusives. Having been working at Asia Shipping Media since inception, Jason is the chief correspondent of Splash and associate editor of Maritime CEO magazine. Previously he had written for a host of titles including Supply Chain Asia, Cargo Facts and Air Cargo Week.
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